Real estate market heating up in time for summer

Graphic courtesy Cano Real Estate
Graphic courtesy Cano Real Estate

The Regional Multiple Listing Service February 2024 report showed that there were 602 new listings in Southwest Washington, which is a 30.6 percent increase from the 461 listed in February 2023

Ken Vance, editor
Clark County Today

As summer approaches, so do changes in the Southwest Washington real estate market according to Mark Hall, director of sales at Cano Real Estate.

 “The summer is just around the corner and as a buyer or seller, you don’t want to be late to the game,’’ Hall said. “If you are thinking about buying or selling, you need to start today so you are ready to take advantage of the upcoming market.”

Mark Hall, Cano Real Estate
Mark Hall, Cano Real Estate

Hall’s analysis comes on the heels of the release of the Regional Multiple Listing Service February 2024 report. The report showed that in February there were 602 new listings in Southwest Washington, which is a 30.6 percent increase from the 461 listed in February 2023, and an increase of 10.1 percent from the 547 listed in January 2024.

“It means that even with interest rates hovering in the mid 7 percent range, our market is still strong and balancing out,’’ Hall said. “Prices are stabilizing and the homes that are priced correctly are selling quickly. For buyers, the increasing inventory will give them a better chance at getting into a new home and I anticipate that the inventory will continue to rise as we move towards the summer months.”

The 569 pending sales last month show a 13.8 percent increase from the 500 offers accepted in February 2023, and an increase of 27.9 percent from the 445 offers accepted the previous month in January 2024.

The closed sale count of 402 this past February was an increase of 3.6 percent from the 388 closings last year in February 2023, and an increase of 30.1 percent from the 309 closings last month in January 2024.

Inventory decreased to 2.5 months in February 2024. Total market time increased to 77 days, with the average home sale price of $557,200, and a median home sale price of $510,800.For more information on buying or selling a home, contact Mark Hall, director of sales, Cano Real Estate, (360) 903-3113 (direct), or email mark.hall@canorealestate.com, or visit https://markhall.canorealestate.com/.


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